Secondaries & Recapitalizations

The last year has seen a sea change, with investor-led secondaries coming back into vogue as economic conditions have shifted. 2022 set a record for real estate secondaries transaction volume at $12.4 billion, but lost in that number is a slowdown for GP-leds which has continued into this year. While 2023 is shaping up to be a very different year to the one that went before, the LP-led revival suggests it will still be an active one.

LP-leds can provide the engine for real estate secondaries growth

Despite GP-leds' strong lead in 2022, 2023 could be the year LP-leds race ahead.

The year of the LP-led comeback

A fundamental shift in capital markets is forcing many institutional investors to rethink their portfolios, creating a perfect storm for the resurgence of investor-led secondaries.


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